Elizabeth Holmes sentenced to 11.25 years in prison

[PGen98]

BBC News - Theranos founder Elizabeth Holmes jailed for fraud

Theranos founder Elizabeth Holmes jailed for fraud

The company was once valued at $9bn and claimed its technology could revolutionise diagnosing disease.

www.bbc.co.uk

Elizabeth Holmes, a disgraced former Silicon Valley tech CEO, has been sentenced to over 11 years for fraud.
Her company Theranos was once valued at $9bn (£7.5bn). She falsely claimed the firm's technology could diagnose disease with just a few drops of blood.
She was found guilty in January of duping investors and lying about the technology after a three-month trial.
Holmes is expected to appeal the sentence, which was handed down on Friday in a California court.
The sentencing of the 38-year-old has been widely viewed as a test of how seriously the justice system takes corporate fraud in the tech sector.
Once hailed as the "next Steve Jobs", Holmes was at one time said to be the world's youngest self-made billionaire.

She launched Theranos after dropping out of Stanford University at age 19, and its value rose sharply after the company claimed it could bring about a revolution in the diagnosing of disease.
But the technology Holmes touted did not work at all and - awash in lawsuits - the company was dissolved by 2018.

 

[PGen98]

Good move, stiff penalty for corporate fraud, at last

 

[MrDawn]

Good. She ripped off a ton of people and now she's paying for it.

 

[Vaeve]

There was FTX getting exposed too. Too many spams coming out.

 

[Nebulous's iconNebulous]

I watched a documentary on her, she's such a weirdo!

 

[Webster]

Good move, stiff penalty for corporate fraud, at last

Good. She ripped off a ton of people and now she's paying for it.

She was sentenced to 11 years, 3 months but she won't serve the whole stretch.

Under the Federal Sentencing Guidelines (and other applicable parts of federal law), adjustments to a sentence are made depending on several factors....
(1) a defendant's criminal history
(2) the circumstances of the crime
(3) acceptance of responsibility
(4) similar sentences for similar crimes committed
(5) whether there are mandatory sentences involved

Once all that is dispensed with, a sentence is then computed that is substantively similar to other sentences imposed for similar crimes. In addition, once incarcerated, Ms. Holmes can apply for entry into RDAP (Residential Drug Abuse Program) which most all non-violent inmates are eligible for; if accepted, that will knock an additional 12 months from her sentence.

Bottom line: she'll likely serve between 90-95 months in prison. Still a long stretch but not the full bit.

 

[PGen98]

She was sentenced to 11 years, 3 months but she won't serve the whole stretch.

Under the Federal Sentencing Guidelines (and other applicable parts of federal law), adjustments to a sentence are made depending on several factors....
(1) a defendant's criminal history
(2) the circumstances of the crime
(3) acceptance of responsibility
(4) similar sentences for similar crimes committed
(5) whether there are mandatory sentences involved

Once all that is dispensed with, a sentence is then computed that is substantively similar to other sentences imposed for similar crimes. In addition, once incarcerated, Ms. Holmes can apply for entry into RDAP (Residential Drug Abuse Program) which most all non-violent inmates are eligible for; if accepted, that will knock an additional 12 months from her sentence.

Bottom line: she'll likely serve between 90-95 months in prison. Still a long stretch but not the full bit.

Oh of course, but at least it's time to serve!